Top FHA Lenders in 2024: UWM Is #1 Overall, But Is Biggest the Best?

If you’re in need of an FHA loan, you might be curious who the top FHA lenders are. By top, I mean largest.

While biggest certainly doesn’t mean best, or cheapest for that matter, it can helpful to know the major players.

If nothing else, these companies should at least have a good understanding of the FHA loan process and a decent track record of closing such loans.

This can be especially important if you’re purchasing a home and need a competent lender that will actually get you to the finish line.

However, the smaller shops (and even mortgage brokers) could be a perfectly viable option as well, assuming they’re well-versed in FHA lending.

Top FHA Loan Lenders (Overall)

Last year, more than a quarter-trillion ($250 billion) in FHA loans were originated by 1,200+ banks, credit unions, and independent mortgage lenders.

But some companies did a lot more volume than others and dominated the FHA lending space.

That brings us to the top-10 list, which is based on HMDA data for 2024 compiled by advisory firm Richey May.

The number one spot for 2024 was claimed by United Wholesale Mortgage (UWM) with $26.6 billion in FHA loan volume, easily beating out crosstown rival Rocket Mortgage, which was the top FHA lender in the past.

Third place went to home builder lender DHI Mortgage, which originated $10B+ in FHA loans for new home buyers.

And fourth and fifth were Freedom Mortgage (an FHA specialist) and loanDepot, the latter of which operates several joint ventures with home builders.

Recently acquired Guild Mortgage came in sixth place with $5.5B funded, matching that of seventh placed Lennar Mortgage, another home builder’s captive financing unit.

Rounding out the top 10 were Pennymac and Fairway Home Mortgage, each with a little less than $5B in FHA loans during the year.

Pennymac operates a large correspondent lending business (B2B) and also runs a retail channel. Many former Countrywide execs are involved.

Fairway Mortgage is a top-10 mortgage lender overall with a big focus on home purchase lending, which often involves FHA financing.

Top FHA Purchase Lenders (for Home Buyers)

Now let’s break it down by transaction type, separating home purchase loans from refinance loans.

Some lenders specialize in mortgage refinances for existing homeowners, while others focus on home buyers.

The top FHA lender for home purchases was again UWM, with $19.6 billion in total volume.

They easily beat out their nearest competitor, DHI Mortgage, which is the nation’s largest home builder and big on offering mortgage rate buydowns to home buyers these days.

Third was Rocket Mortgage and its $7.6 billion in FHA purchase loans, a strong showing for a lender more focused on refinances.

In fourth was CrossCountry Mortgage with $5.9 billion in production, followed by Lennar Mortgage with $5.5 billion.

The rest of the best included Guild, loanDepot, Fairway, CMG Mortgage, and Movement Mortgage.

These are the mortgage lenders that might be well-suited for a home buyer looking to finance their purchase with an FHA loan.

Why? Because they close thousands of these types of home loans annually, so they should know what they’re doing.

As long as mortgage rates stay elevated and the refinance market remains weak, more banks and lenders will want to be on this list.

Top FHA Refinance Lenders (for Existing Homeowners)

Now let’s talk about who’s closing the most FHA refinance loans, which are reserved for existing homeowners.

These folks are typically refinancing to get a lower mortgage rate, usually via the FHA’s streamline refinance program that makes it pretty simple to qualify.

The undisputed king of FHA refis was Rocket Mortgage last year, with a big $9.7 billion in total production. However, their total was down quite a bit from the 2020-2021 period.

The nation’s number one mortgage lender overall was still pretty far off, with UWM mustering just $7.0 billion of these types of loans.

They were followed by Freedom Mortgage with $4.0 billion, Pennymac with $2.7 billion, and loanDepot with $2.0 billion. So totals dropped off pretty dramatically here.

Others cracking the top-10 refi list included Mutual of Omaha, Mr. Cooper (now owned by Rocket), Newrez, Lakeview Loan Servicing, and finally CrossCountry Mortgage.

With rate and term refinances expected to increase a bit in 2025, these totals will likely rise, though it’s unclear if the names on this list will change much.

I could see Rocket dominant the channel even more with Mr. Cooper now under their control.

To sum things up, it doesn’t really matter how big a bank or mortgage lender is, as long as they’re financially sound and operationally competent.

You can have an amazing experience with a local mortgage broker or a massive depository bank. You can also have a bad experience with either.

Take the time to vet the lender or individual you plan on working with, whether it’s an FHA loan or any other type of home loan.

And make sure they specialize in the type of financing you need. Oh, and you should know the type of loan you want before speaking to any interested parties.